How to Use Axis Max Life's Online Saving Plan to Build Your Child's, Education Fund

Depending on how much you earn and how much you need for your child ambitions, you need to decide your investment capacity. You should also take into consideration future inflation and your investment capacity. For example, if you need Rs. 1,00,000 for a policy term of 13 years, a premium payment term of ten years, and monthly payment, you need to pay Rs. 8086.50 every month*. This plan suits you the best if your child is seven or eight and you want a plan to take care of your child’s education. Most parents have rated it as a great child education plan.

Are you confident that you can manage the investment manually? If you are not, don’t worry! There is a dynamic fund allocation system (one of the investment strategies) that can help you to manage investments. The fund allocation is your friend that keeps an eye on your investment. It is also known as automated investments for the sake of convenience and expert help.

The cost of products and services grows with every year passing by. For you, to be able to pay the premium without any difficulty, you need to save more. As your salary increases, your capacity to increase should improve. The cost of a kilogram of potatoes is way more now that what it used to be decades ago. If not, compare the price of the vegetables from last year with this year.

Taking the example of investing for ten years, just before you are about to withdraw, maybe three years or two years before the maturity, you should switch the investment to a secure fund so that there is no scope of losses. Secure funds give you a stable growth for the next few years.

The responsibility does not end there. After the withdrawal, if you think there is still time for your child to take the admission, you can park the money and enjoy tax benefits. Instruments that can help you save tax are PPF, EPF, NPS, Mutual Funds, ULIP, and Traditional Insurance Plans.

Axis Max Life Shiksha Plus Super Plan is the best for you and your child’s education. Your child’s education is your priority, and you need to be ready to take the right steps so that you get the desired money or funds at the right time. It is all about planning. After a few years, you do not want the amount needed for higher education to bother you. Prevention is always better than cure, and in case of your child’s education, there is no way, you can take a chance.

*As per Axis Max Life Online Savings Plan